GOP promises to deliver bailout vote

Four days after it failed dramatically, Treasury’s $700 billion financial rescue plan was back before the House Friday morning, riding a wave of turmoil in the markets and renewed determination by leaders in both parties to see it over the top.

Democrats and Republicans alike will try to grow their vote since Monday’s defeat, but the Republicans are most at the center of the storm given the pressure from the Bush Administration and business community for action.

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Senate Republicans, behind Minority Leader Mitch McConnell (R-Ky.) set the tone Wednesday night, voting by a better than 2-1 margin in favor of the package after revisions were made adding popular tax cuts and expanded federal insurance for deposits at banks.

Given the conservative, often populist rhetoric against what critics describe as a “Wall Street bailout,” no one expects to find the same level of support in the House. But coming into Friday morning, leaders were confident they could close the gap and switch at least 12 votes—the margin of defeat Monday.

Republicans appear sure they can produce 76 votes –a gain of 11—and would like to see that grow to at least 80. Democrats feel they will be north of the 140 votes they had Monday, meaning that a 218 majority is within reach.

But the result is still a closely fought, ticklish political landscape in which any backsliding and distrust can cause problems. Both Minority Leader John Boehner (R-Ohio) and the party whip, Rep. Roy Blunt (R-Mo.) could be fatally hurt by another defeat. At the same time Democrats were stung themselves by Monday’s loss and are working harder together with Barack Obama, the party’s presidential nominee, who is making calls to individual lawmakers to shore up support.

In a call to Maryland Rep. Elijah Cummings on Tuesday, for example. Obama spoke of how President Obama could revisit bankruptcy laws to give judges more leeway to restructure residential mortgage payments when threatened with foreclosure.

Obama didn't need to lay out a quid pro quo because the message was clear. And Cummings, a no vote Monday, told Obama he was “open” to changing his vote but wasn’t there yet.

"I have to look beyond [the bailout] to a rainbow called Obama," he said. "When you bring in the Obama factor, that's very very important."

Thursday brought another round of public – and private – reversals, with Georgia Rep. John Lewis, a prominent member of the Congressional Black Caucus, telling colleagues at a closed-door meeting that he would support the bailout plan, according to people present – Lewis wouldn’t confirm as he left the meeting, but said, “Just watch the board.”

Republicans, from retiring Minnesota Rep. Jim Ramstad to Tennessee Rep. Zach Wamp, and Democrats, from Nevada Rep. Shelley Berkley to Missouri Rep. Emanuel Cleaver, all declared on Thursday they would support the current bill, according to various news sources.

“We’re still looking at it,” said Rep. Pete Hoekstra, another lawmaker rethinking his vote.

The Michigan Republican is more attracted to the Senate package than the initial bill because it would raise the amount of money the Federal Deposit Insurance Corp. insures, from $100,000 to $250,000. Hoekstra told Vice President Dick Cheney on Monday to make that change and is pleased to see it has been included.

Hoekstra is also more open to the bailout package now that SEC Chairman Chris Cox agreed to give companies more leeway in pricing their assets under mark-to-marketing accounting rules.